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Wednesday, August 10, 2022

Bitcoin May Still See ‘Wild’ Weekend

Bitcoin (BTC) focused on $21,000 into the weekend amid warnings that volatility could still consume the market before June 27.

S&P 500 sees a second-best week of 2022

Data On Bitcoin From Media

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Data from Cointelegraph Markets Pro and TradingView showed BTC/USD broadly higher in its recent trading range after United States stocks ended the week strong.

As noted by markets commentators Holger Zschaepitz, the S&P 500 sealed its second-best week of 2022, indicative of modest relief across risk assets.

Bitcoin was on track to log slights gains at its weekly close, the first weekly green candle — albeit small — since May.

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Before then, however, anything could happen, according to on-chain analytics resource Material Indicators (MI).

Referencing recent weekend price action, MI recommended Twitter followers to not be complacent in the absence of weekday volume.

“If BTC can take out the 200 WMA there is room to run,” part of one post read:

“Wknds have been wild so buckle up. A retest of the lows can come as fast as a rip to $24k.”

An attached chart of order book data from the largest global exchange Binance offered a glimpse into buy and sell plans from traders. Below spot price, there was little support in terms of volume until $19,000, while conversely, heavy resistance lay just north of $22,000. 

That level marked the key 200-week moving average (WMA) for Bitcoin/USD, this being necessary for the bears to reclaim to change the trend, various sources believe.

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